Boston, MA, December 1, 2008

Intercontinental Real Estate Corporation Announces the Sale of 10 Centennial Drive in Peabody, MA

Intercontinental Real Estate Corporation (“Intercontinental”) a national real estate investment, development and management firm headquartered in Boston, MA, announced the disposition of 10 Centennial Drive located in Peabody, MA. The sale was made on behalf of Intercontinental Real Estate Investment Fund III, LLC, a $350 million closed-end commingled fund. The asset was purchased by Children’s Extended Care Center, Inc. Cushman & Wakefield represented the buyer and Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management at Intercontinental represented the seller.

10 Centennial Drive is a two-story Class A office/flex building totaling 330,753 square feet. The property is located conveniently at Exit 28 on Route 128 providing excellent visibility and access to the regional highway system. Situated on 25 acres of land, 10 Centennial Drive features approximately 1,100 parking spaces, an on-site cafeteria, and fitness center. Current tenants include: Synventive Molding Solutions, Inc., Pain & Wellness Center, Inc., and Centennial Farms Management Company, Inc. Intercontinental Real Estate Investment Fund III, LLC acquired the building in February, 2004.

“Following the completion of a market study to identify a new facility in the region, Children’s Extended Care Center, Inc. approached us as a prime candidate. We are pleased with both the terms and timing of the disposition,” commented Thomas Taranto, Director of Acquisitions, Asset & Portfolio Management at Intercontinental. 

Intercontinental Real Estate Corporation is an SEC registered investment adviser and real estate operating company with expertise in real estate investment, development, construction management, and asset management. The company has developed, managed and owned over $6 billion in real property assets across all property types including commercial, mixed use, hotel, recreational and residential projects. Presently, Intercontinental owns and manages a portfolio in excess of $2.4 billion for its clients and is actively seeking opportunities to invest in core,core plus as well as value oriented investments.